Marginal cost is calculated as
A) total cost divided by output.
B) the increase in total cost divided by the increase in output.
C) the increase in total cost divided by the increase in labor, given the amount of capital.
D) total cost minus total fixed cost.
B
Economics
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Economic profit is defined as the difference between:
a. total revenue and total explicit cost. b. total revenue and total implicit cost. c. explicit costs and implicit costs. d. total revenue and total costs, both explicit and implicit.
Economics
Debt service is the percent of:
A. GDP that is owed in debt. B. disposable income consumers have to pay for their debts. C. the total value of household debt that banks pay to create the loans. D. the total value of household debt that consumers pay in interest.
Economics